Torn between two properties

Cakeguts

No 1 is an old property and it will be expensive to maintain. The reason why you can afford (?) it is because of the footpath and the A road. You can't be all that fussy if you would consider a house with these problems. How long has it been on the market?

No 2 is very small. Is it really only 1200 sq feet with 4 bedrooms? That is really small for 4 bed house.

I don't think either of these are a good idea.

Can't you find something that has reasonable size rooms for about 250k?

kilby_007

Jackieboy wrote: »

Does it actually really need it or is it just that this is what you want to do?

We could debate the interpretation of "need" but yes, by our standards it's not immediately habitable. The owner has a dog which has molted and peed everywhere (it absolutely stinks) so that's all of the carpets out. The kitchen is circa 1980's (cheap formica, most of which is de-laminating) so although it probably functions it'd be getting ripped out asap. The bathroom being downstairs is a slight issue we could live with, and it is fairly modern (plain white tiles, walk in shower) but the lack of bath is an issue we'd have to tackle immediately, having a 2 year old and another on the way.

glasgowdan

Get the 6bed! It'll be cheaper than the old house and sounds like it'll be better in every way!

kilby_007

Cakeguts wrote: »

The reason why you can afford (?) it is because of the footpath and the A road. You can't be all that fussy if you would consider a house with these problems. How long has it been on the market?

Since September (reduced to "offers over" in October). The property next door has been on and off the market since 2009. They sold off a large piece of land and still asking the same price (280K) and it needs renovating too. There's 2 others for sale up the road, both been on the market about 6 months. I don't really see the footpath as a problem. It's going through to a quiet estate at the back of us and there's an 8ft brick wall and trees which give sufficient privacy, it's just the wall itself that worries me (i.e. if it were to need replacing it would cost a fortune).

Cakeguts wrote: »

No 2 is very small. Is it really only 1200 sq feet with 4 bedrooms? That is really small for 4 bed house.

1250 SqFt. It's a little on the small side yes, hence the plan to extend.

Cakeguts wrote: »

Can't you find something that has reasonable size rooms for about 250k?

In terms of what's on the market now and what has been on the market in the last year, no - not with a decent sized garden for 250K. you can find some cracking big houses for around that price if you're not bothered about a garden, but we are. Might have to change strategy and up our budget a little but look for something that doesn't need extending.

getmore4less

They are both compromises but if those are the choices...

Buy the one that will sell easiest when the place you really want turns up.

If you can add value to No.2 , make it a home and make it more desirable for others it could work if you can cover 2 lot of moving costs.


The man cave/shed can wait.

kilby_007

getmore4less wrote: »

The man cave/shed can wait.

Who said I wanted a man cave/shed? It would be a double skinned workshop approx. 250SqFt and if we didn't have space to store my current workshop it'd all have to go into storage. We're not talking the average blokes drawer full of odds and ends, I've got a whole workshop full of machines that I don't know how to use! ;-)

Marvel1

The first house the main con stood out for me was the 50% income on the mortgage. What rates is this based on? Rates can go up (the only way now, when who knows).

kilby_007

cjdavies wrote: »

The first house the main con stood out for me was the 50% income on the mortgage. What rates is this based on? Rates can go up (the only way now, when who knows).

Sorry I didn't explain very well initially but did re-explain above. The 50% is based on paying off the mortgage in 17 years. We would go for a 25 year and over-pay so there is some flexibility there for interest rates to move but the game plan is to get the mortgage paid off before I'm 50.

Redacted

If you can afford it, buy house number 3 and:
Keep 2 of the 6 bedroom doors shut and pretend they're not there;
Knock some walls through so you only have 4 bedrooms;
Look at ensuite/walk in wardrobe possibilities for your 2 spare rooms;
Make one of them a playroom for your kid(s) and the other a quiet escape room for you/your partner.

If this house is perfect except for having 2 more bedrooms than you want, it seems a more palatable compromise than options 1 or 2.

getmore4less

kilby_007 wrote: »

Who said I wanted a man cave/shed? It would be a double skinned workshop approx. 250SqFt and if we didn't have space to store my current workshop it'd all have to go into storage. We're not talking the average blokes drawer full of odds and ends, I've got a whole workshop full of machines that I don't know how to use! ;-)

Smaller than a double garage so not that big,

Going down the proper garage workshop route would be much more attractive to future buyers.